Oil prices have been a major source of concern in recent years. The prolonged period of low prices came to an abrupt halt in January 2021, when prices suddenly began to rise. According to the monthly oil price chart from Godzillanewz.com, further gains are expected in the months ahead.
The Godzillanewz chart shows that oil prices achieved an unexpected six-month high of $67.98 per barrel in February 2021. This marks a sharp rally from the levels seen in December 2020, when prices were only at $54.88 per barrel. As the chart shows, the rally was fueled by a combination of steadily recovering demand and pressure from supply cuts by OPEC and its allies.
The chart also indicates that oil prices may rise further in the months ahead. This could be attributed to a number of factors, including the strengthening of the US dollar, more aggressive production cuts from OPEC+, and the potential for an expansion in global demand following the launch of Covid-19 vaccines.
In addition to these factors, the chart also suggests that the US shale drilling sector may be returning. This could mean an increase in US production in the coming months, which could help to balance the market and put pressure on prices.
Overall, the monthly oil price chart from Godzillanewz.com provides an interesting insight into the future of oil prices. It seems that prices are likely to remain elevated in the near future, but could be brought down in the longer term through increased US production. This indicates that investors and consumers should remain aware of the fluctuations in oil prices, but also be prepared for continued price hikes in the short term.
“Soar to the Top! Prepare for Rising Oil Prices Ahead
